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Thursday, March 24, 2011

Brazil's Caixa CEO Coelho quits; replaced by Hereda

Brazil's government on Thursday announced management changes at state-run lender Caixa Economica Federal at a time policymakers are seeking to implement curbs on lending. The Budget and Planning Ministry said Chief Executive Maria Fernanda Ramos Coelho will step down to become Brazil's representative before the Inter-American Development Bank. She will be replaced by former Caixa Government Affairs Vice President Jorge Hereda. Reuters reported on Wednesday that Coelho was likely to step down and that a management shuffle was to take place as early as this week. Newspaper reports over the past week said she wanted out because of her role in the purchase of a stake in troubled lender Banco PanAmericano (BPNM4.SA) last year.

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